Fronting Lender definition
Examples of Fronting Lender in a sentence
The Agent shall and shall be entitled to apply the foregoing cash in accordance with Section 14.14(3), in the case of amounts owing to the Agent, or to pay the amounts owing to a Fronting Lender from the Defaulting Lender, in the case of amounts owing to such Fronting Lender pursuant hereto (including pursuant to Section 6.9).
Upon any such assignment, the assigning ▇▇▇▇▇▇, the assignee Lender, the applicable Fronting Lender (in the case of the Syndicated Facility only), the Agent and, if applicable, the Borrower, shall execute and deliver an Assignment Agreement.
Each Lender shall, on request by such Fronting Lender immediately pay to such Fronting Lender an amount equal to such ▇▇▇▇▇▇’s Rateable Portion of the amount paid by such Fronting Lender such that each Lender is participating in the deemed Loan in accordance with its Rateable Portion and, for certainty, regardless of whether any Default or Event of Default is then outstanding or whether any other condition to the making of a Loan has been satisfied or not.
The Borrower covenant that they will not take any steps, issue any instructions to an Operating Lender, a Fronting Lender, the Agent, any Lender or any of their respective correspondents or institute any proceedings intended to derogate from the right or ability of the Operating Lender, any Fronting Lender, the Agent, any Lender or their respective correspondents to honour and pay any Letter of Credit or any Drafts.
The determination of the applicable Fronting Lender as to the conformity of any documents presented under a Fronted LC to the requirements of such Fronted LC shall, in the absence of such Fronting Lender’s gross negligence or wilful misconduct (as determined by a final non-appealable judgment of a court of competent jurisdiction), be conclusive and binding on the Borrower and each applicable Lender.